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Xbrane Biopharma: Pop up on your boards – “the third wave” of biosimilars is rather a tsunami

2 June 2020

Xbrane provides an exceptionally attractive exposure to the rapidly growing biosimilars market without the significant clinical and approval risk that is often present in biotech companies.

We maintain the Outperform rating and raise the target price to SEK 155 per share, corresponding to an equity value of SEK 3 billion non-diluted, derived from a project-based, risk-adjusted DCF valuation of the lead asset Xlucane with fairly conservative estimates; real-world data on biosimilars supports an even more bullish outlook.

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Ascelia Pharma: A delay. Fundamentals for Mangoral remain unchanged

26 May 2020

Ascelia Pharma’s announcement of a three to six-month delay of the ongoing pivotal phase III SPARKLE study is not surprising given the circumstances with the ongoing covid-19 pandemic and its impact on clinical trials.

In our previous update, we estimated launch during 2022. The revised timeline has a marginal impact on our valuation as the DCF model is mainly impacted by the free cash flow in the final years of the forecast. Our risk-adjusted DCF valuation of the lead project Mangoral results in a value for Ascelia of SEK 52 per share, down from SEK 54 per share.

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Vator Securities advises Xbrane Biopharma on 146 MSEK directed share issue

20 May 2020

Vator Securities acted as Global Coordinator and Sole Bookrunner in connection with the transaction raising SEK 146million.

The Directed Share Issue was directed to selected Swedish and international institutional investors, among others, TIN Fonder, Swedbank Robur Ny Teknik and current shareholders Swedbank Robur Medica, STADA Arzneimittel and Serendipity Group among others.

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Vator Securities advises NextCell Pharma on 25 MSEK Rights Issue

15 May 2020

Vator Securities acts as Financial Adviser in connection with the transaction raising SEK 25 million.

NextCell is a cell therapy company with its leading drug candidate, ProTrans™, a treatment for type 1 diabetes, in a clinical phase II.

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Swiss Nordic Bio 2020

6 May 2020

Swiss Nordic Bio 2020 was held on 6 February in Zurich and was a collaboration between Vator Securities, the Embassy of Sweden, the Norwegian Embassy, Business Sweden and Business Finland.

Swiss Nordic Bio in Zurich is a high-level partnering and investor event where Swiss and Nordic biotech startups, pharmaceutical companies and investors meet.

Here you will find the film from the event.

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Vator Securities advises SciBase on 25 MSEK Rights Issue

27 March 2020

Vator Securities acts as Financial Adviser in connection with the transaction raising SEK 25 million.

The capital raised in the rights issue will primarily be used to increase the market presence and penetration of SciBase in the US market where an FDA approval of Nevisense 3.0 is expected during the second quarter of 2020.

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Ascelia Pharma – A rocket roll out is the key to success

20 February 2020

Ascelia Pharma has included the first patient in its pivotal, fully financed and an exceptionally straightforward phase III SPARKLE study with the lead asset Mangoral, targeting global launch in 2022.

We estimate a relatively high 75% likelihood that the imaging drug Mangoral will reach the market on the back of strong cumulative clinical data and a solid, straightforward Phase III design.

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Bio-Works Technologies – Leaving randomness

18 February 2020

Bio-Works’s net sales for full year 2019 were SEK 5.6 million, down SEK 1 million from 2018. The decrease is due to the fact that the company’s largest customer in 2018 did not place an order in 2019.

In this update, we have looked beyond Bio-Works’s obvious stochastic character of the order inflow as we believe this is symptomatic for all early commercialization stage companies and not a structural problem for Bio-Works as such.

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